Bank of Industry Disburses N3.9bn Loan to Businesses in Kebbi

boiBank of Industry, Headquaters, Abuja
  • Bank of Industry Disburses N3.9bn Loan to Businesses in Kebbi

In a bid to support and stimulate business growth across the country, the Bank of Industry (BOI) has disbursed a total sum of N3.9 billion to Small and Medium Enterprises (SMEs) and large companies in Kebbi state.

Mr. Olukayode Pitan, the Managing Director and Chief Executive Officer, BOI, disclosed this while paying a courtesy visit to the Governor of the state, Governor Abubakar Atiku Bagudu.

Also, Pitan explained that more than 22,000 people had benefited from the N1 billion matching grant fund released by the state governor and managed by the bank.

He further stated that the bank partnered the state to offer support to businesses and boost the economic activity of the state.

“We came to Kebbi State to chart the best course of partnership with the state government to offer support to entrepreneurs for them to set up industries and companies to grow the state’s economy.

“We commend Gov. Bagudu for providing N1 billion matching grant to the bank, and also solicit for further collaboration to move the state forward. Over 22, 000 people have benefited from the fund advanced by the state government to be managed by the bank.”

Speaking on the bank’s investment so far, the MD said since the bank opened its office in the state in 2017, a total sum of N2.8 billion has been invested in various SMEs across the state while another N1.21 billion was invested in large businesses.

“The bank opened its office in the state in 2017 and since then it has made a lot of impacts. The bank has invested N3.9 billion in the state with N2.8 billion for SMEs while N1.21 billion for large enterprises. Recently, the bank had also approved N1.5 billion for two industries in the state.”

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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